Website: $40K salary needed to buy average Phoenix home
May 21, 2014, 10:08 AM | Updated: 10:09 am
PHOENIX — People aiming to purchase a median-priced home in the Phoenix metro area need to make slightly more than $40,000 annually, a website said.
“In Phoenix, to buy a median-priced home during the first quarter according to the Realtors, you’ll need $41,309 in salary,” said HSH.com Vice President Keith Gumbinger.
The median price for a home in the Valley is $194,300. Arizona falls nearly in the middle of the pack when it comes to the cost of buying a median-priced home in a metro area.
The website said there has been less than a 1 percent increase in home prices this quarter compared to the last, but prices have gone up 15 percent over last year.
“This is great news for home sellers, not as great for homebuyers,” said Gumbinger.
To calculate the figure, HSH.com used the National Association of Realtors’ first-quarter data for median home prices and HSH.com’s first-quarter average interest rate for 30-year, fixed-rate mortgages, to determine how much of a homeowner’s salary it would take to afford the base cost of owning a home.
